Former South Korean President Lee Myung-bak said Thursday that U.S. President-elect Donald Trump is expected to roll out pragmatic trade policies based on his entrepreneur background, amid concerns that the incoming U.S. administration will lean toward protectionism.

"Although Trump supported protectionism during the campaign, his stance will change," Lee said during an economy forum in Los Angeles. "Based on my experience, both Democratic and Republican parties support globalization and are trade-friendly."

The former president, who was in office from 2008-2013, said Washington and Beijing must forge closer ties to help recover the growth momentum of the global economy.

When asked about the impeachment of President Park Geun-hye, Lee said it is crucial for Acting President and Prime Minister Hwang Kyo-ahn to faithfully carry out his duties. (Yonhap)